Michael Steinhardt, Wall Street’s Greatest Trader, Is Back — And He’s Reinventing Investing Again (Forbes)
During the three decades that Wall Street grew up, morphing from a gentlemen’s investment club into a global financial colossus, Michael Steinhardt emerged as the world’s greatest trader. From 1967 to 1995 his pioneering hedge fund returned an average of 24.5% annually to its investors, even after Steinhardt took 20% of the profits. Put a different way, $10,000 invested with Steinhardt in 1967 would have been worth $4.8 million on the day he shuttered his fund. (The same investment in the S&P would have been worth $190,000.) It was a performance that landed him on The Forbes 400 in 1993, with a net worth estimated at more than $300 million.
Hedge fund analyst runs record 77 miles in 12 hours (CNBC)
By day, Chris Solarz analyzes hedge funds for big pensions, endowments and other clients of investment consulting firm Cliffwater. By night—and early mornings and weekends—Solarz is a serial world record setter in tests of extreme endurance. The 35-year-old’s latest feat was to set the Guinness World Record for the greatest distance run in 12 hours on a treadmill by logging an astounding 77.07 miles. Solarz did it on Jan. 18 in Edgewater, New Jersey at the Fitness Factory Health Club from 7:00 am to 7:00 pm. The rules were simple: Run at any speed and take as many breaks as desired, but the clock never stops.
Lone Pine Raises $2B For New Hedge Fund (Finalternatives)
Stephen Mandel‘s Lone Pine Capital has launched its first new hedge fund in a decade with $2 billion, a person with knowledge of the fund told FINalternatives. Regulatory filings show Lone Pine raised $694 million for the onshore version of the Lone Tamarack Fund, which launched in January. The offshore version will account for the rest, said the source. The new fund is a long/short equities strategy focused on stocks with at least $50 million in average daily trading volume. The fund expects to hold 40 to 50 names at any given time and will have roughly 80% overlap with the Lone Pine’s two existing long/short funds—Lone Cypress and Lone Kauri.
Jim Rogers: Gold Headed for Short Covering Rally (LiveTradingNews)
Jim Rogers: Gold Headed for Short Covering Rally A short covering rally is in store for Gold after its 28% decline in Y 2013, says investor Jim Rogers, chairman of Rogers Holdings. The precious Yellow metal has gained 4% so far this month, with the Feb COMEX contract trading around 1,239.50 Wednesday. Investors sold Gold last year as anticipation that the US Federal Reserve would taper its QE program quelled worries about inflation. “There are huge shorts that have developed in precious metals,” Mr. Rogers explains in his commentary.
Nouriel Roubini: Fed’s bubble creations will create financial collapse in 2 years (EconomicCollapseNews)
The United States economy isn’t really recovering and it’s too weak to stand on its own two feet. The Federal Reserve understands this, which is why it’s still continuing with its quantitative easing initiative of $85 billion per month – soon to be $75 billion. It realizes that as soon as it ceases its injections, the market will tank because it depends too much on stimulus. New York University economist Nouriel Roubini told an audience at a Time Inc. breakfast event Friday that the central bank’s monetary actions are leading to the creation of bubbles, including housing, junk bonds and eventually bitcoins. This, he says, will incite a financial crisis within the next two to three years.
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Lone Pine Capital Discloses New 6.4% Stake in SBA Communications Corporation (SBAC)
